New Delhi, May 8 (IANS) Government-owned Navratna company REC on Thursday reported a 5.5 per cent year-on-year rise in consolidated net profit at Rs 4,236 crore for the January-March quarter in FY25, compared to Rs 4,016 crore in the same period of the previous financial year.
The net interest income (NII), which shows the difference in interest earned from loans and the interest paid to raise deposits, rose by 37.6 per cent to Rs 5,877 crore during the fourth quarter from Rs 4,272.5 crore in the same quarter last year.
The company’s board of board of directors have recommended a final dividend of Rs 2.60 per share (face value Rs 10), in addition to the Rs 15.40 per share paid in four tranches during FY25. This takes the total dividend for the financial year to Rs 18 per share.
The REC board has also approved the formation of a 50:50 joint venture between its subsidiary REC Power Development and Consultancy Ltd (RECPDCL) and Maharatna PSU Bharat Heavy Electricals Ltd (BHEL). The JV will focus on renewable energy and other power and infrastructure projects, subject to necessary statutory and administrative approvals.
REC (formerly Rural Electrification Corporation Limited) had also reported a strong financial performance for the third quarter ended December 2024, with its standalone net profit rising 23 per cent year-on-year. The Navratna PSU posted a net profit of Rs 4,029 crore for the quarter, compared to Rs 3,269 crore in the same period of the preceding financial year. Net interest income advanced 20 per cent year-on-year to Rs 5,133.1 crore from Rs 4,290.7 crore a year ago.
REC shares ended at Rs 389.90 on BSE on Thursday.
REC had announced a 23 per cent jump in net profit to Rs 4,029 crore for the October-December quarter of the current financial year, compared to the corresponding figure of Rs 3,269 crore in the same quarter of 2023-24.
The company’s net interest income rose 19 per cent to Rs 4,930 crore during the third quarter from Rs 4,153 crore in the same period last year.
Aided by growth in profits, the net worth of the company touched Rs 76,502 crore (as on December 31, 2024), as compared to Rs 64,787 crore as on December 31, 2023 registering an increase of 18 per cent year-on-year,
REC’s Navratna status allows its management to make investments independently up to 1,000 crore or 15 per cent of its net worth, and it also enjoys administrative and financial autonomy.
–IANS
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